The market will accelerate at a CAGR of 9% between 2019-2023

Technavio has announced its latest market research report titled global geothermal drill bits market 2019-2023. (Graphic: Business Wire)

Technavio has announced its latest market research report titled global geothermal drill bits market 2019-2023. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE )--The report, global geothermal drill bits market for power generation has been added to Technavio’s catalog. It provides a comprehensive analysis of the market, including its global and regional market share as well as market segmentation based on type and geography for the forecast period 2019-2023.

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This report on the geothermal drill bits market includes:

Geothermal drill bits market analysis and forecast 2019-2023: Features

Geothermal Drill Bits Market for Power Generation 2019-2023: Competitive Landscape

Geothermal Drill Bits Market for Power Generation 2019-2023: Geographic Landscape

Geothermal Drill Bits Market for Power Generation 2019-2023: Type Landscape

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Increasing investments in geothermal energy projects will drive the geothermal drill bits market for power generation

The adoption of renewable sources of energy has increased significantly owing to low carbon emissions from these resources. Thus, there has been a significant increase in investments in renewable energy across the world. Geothermal energy is one of the renewable power generation technologies that has been receiving significant funds and investments over the past years. This will lead to a rise in the number of geothermal power projects, thereby driving the growth of the geothermal drill bits market for power generation during the forecast period.

Advances in drill bits– An emerging trend in the geothermal drill bits market for power generation

Several vendors in the market are consistently focusing on making advancements to improve the performance of drill bits. Using the latest dynamics modelling, drill bit manufacturers are creating three-dimensional bit designs to integrate features such as depth of cut control, cutter technology for increased longevity and ROP, rock interaction analysis, and advanced material usage. Some vendors are also introducing drill bits that feature a diamond-impregnated matrix in the nose, cone, shoulder, and gauge areas to improve bit life. Such advances are likely to boost the geothermal drill bits market growth during the forecast period.

Other Key Topics Covered in the Report are:

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Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com

The global geothermal drill bits market size for power generation will grow by USD 20.38 million during 2019-2023.

Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com